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Nifty nears 4900 as budget speech begins
February, 26th 2010

Markets were moving in a narrow range with a positive bias on Friday as the Finance Minister presented Union Budget for FY10-11. Oil&gas, PSU and metal stocks continued to move higher while IT stocks were subdued.

At 11:05 am, National Stock Exchanges Nifty was at 4886.65, up 26.90 points or 0.55 per cent. The broader index hit a high of 4896.55 and low of 4858.45.

Bombay Stock Exchanges Sensex was at 16333.47 up 79.27 points or 0.49 per cent. The index touched a high of 16371.80 and low of 16249.67 in trade so far.

BSE Midcap Index was up 0.72 per cent and BSE Smallcap Index moved 0.45 per cent higher.

Amongst the sectoral indices, BSE Oil&gas Index was up 1.87 per cent, BSE PSU Index gained 1.19 per cent and BSE Metal Index moved 1.07 per cent higher. BSE IT Index slipped 0.58 per cent.

Major Nifty gainers were GAIL (2.82%), M&M (2.50%), Hindalco (2.48%), IDEA (2.43%) and IDFC (2.32%).

Ranbaxy (-5.54%), Tata Power (-3.67%), HCL Tech (-1.01%), TCS (-0.95%) and Infosys Technologies (-0.75%) were amongst the top Nifty losers.

Market breadth was positive on the BSE with 1221 advances and 858 declines.

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